USDJPY Daily Forecast Jan 29 2020

Dollar Yen 5566653 e1580307852612

USDJPY: Bearish Despite Recovery Attempts…

As long as 109.25/108.95 resistance holds on a daily closing basis. The USDJPY remains on the downside to 108.62 levels. A halt is likely, it may bottom around here. However; below 108.62 aims the 108.25 level, further down, support comes in the 107.95 level.

On the upside, resistance comes at 108.95/109.25 levels ahead of 109.85 levels. Above that level sees recovery threats to 110.30 level. Sustained trading above 110.30 will reverse risk to the upside to 110.75/111.50 levels…

In conclusion: The USDJPY sees downside threats below 109.85 level.

Support: 108.62, 108.25, 107.95, 107.60, 107.20

Resistance: 108.95, 109.25, 109.55, 109.85, 110.30

Key data/events which may affect USDJPY today:

  • The Federal Reserve will announce its monetary policy decision and publish data on its economic projections at 19:00 GMT. The Fed is expected to keep the interest rates on hold. The central bank will also release its latest forecasts for economic growth. This will be the first Fed meeting in 2020. The Fed cut rates three times in 2019. How did that affect the US economy? Will there be a possibility of a rate cut in 2020? The Fed will hold a press conference at 19:30 GMT.

USDJPY Daily Forecast Jan 29 2020